- Prelim was 71.2
- Prior was 71.6
- Current conditions 75.7 vs 77.4 prelim (76.6 prior)
- Expectations 65.5 vs 67.3 prelim (68.3 prior)
- 1-year inflation 3.5% vs 3.3% prelim (3.4% prior)
- 5-10 year inflation 3.0% vs 2.9% prelim (3.0% prior)
I don’t put much stock in this indicator as it measures mostly political sentiment and gas prices. I’m not surprised it ticked lower as gasoline prices rose and that also likely factored into the rise in 1-year inflation expectations. Fed officials pay attention to this data set at their peril.